Precious metals traded in the red on Wednesday with palladium falling 5.31% at 4:37 pm CET to $1,461.52 per ounce, the weakest point since February 21. The material used in catalytic converters in gasoline cars and hybrids has retreated from an all-time high $1‚614.63 reached last week amid bearish bets with regard to the automotive sector and the global economy.

Anglo American Plc's chief executive Mark Cutifani today claimed palladium's surge was "a bubble." However, he added it would take time for platinum to make a comeback with carmakers. The price of palladium was underpinned by lagging supply growth, especially the fears of cuts in deliveries from Russia.

Gold was down 0.26% at $1,312.18 for one troy ounce after touching a week-to-date low at $1,309.05. Silver declined 0.81% to $15.31, following a dip two cents deeper to a level last seen on March 20. Platinum was 0.24% in the red at $856.98 per ounce. Spot prices in the asset class suffered together with stocks and oil futures as investors turned to benchmark government bonds for safety amid dovish messages from major central banks and ahead of another Brexit vote in the Parliament of the United Kingdom.